Global alternative asset manager The Carlyle Group has completed its acquisition of Diversified Global Asset Management Corporation, a global manager of hedge funds with some $6.7 billion in managed and advised assets.

Global alternative asset manager The Carlyle Group has completed its acquisition of Diversified Global Asset Management Corporation, a global manager of hedge funds with some $6.7 billion in managed and advised assets.

Equity for the transaction came from Carlyle’s balance sheet. The transaction was first announced on November 26, 2013 (see here).

DGAM will join Carlyle’s Solutions platform alongside AlpInvest Partners, a global private equity fund of funds business with $48 billion of assets under management, and Metropolitan Real Estate Equity Management, a global real estate multi-manager with $2.6 billion in capital commitments.

George Main and Warren Wright will remain as chief executive and chief investment officer of DGAM, respectively.

Including DGAM, Carlyle's Solutions segment had $57.3 billion in AuM as of September 30, 2013.

Established in 2004, DGAM is an independent alternative investment manager and advisor based in Toronto. The firm’s client base is 100 per cent institutional and includes public and private pension funds, endowments and sovereign wealth funds.